Rhode Island § 42-99-6 - Convention Center Authority Act

§ 42-99-6. General powers.

The corporation shall have power:

(1) To have perpetual succession.

(2) To sue and be sued, complain and defend, in its corporate name.

(3) To have a corporate seal which may be altered at its pleasure, and to use the seal by causing it, or a facsimile of the seal, to be impressed or affixed or in any other manner reproduced.

(4) To purchase, take, receive, lease, or otherwise acquire, own, hold, improve, use, and otherwise deal in and with, real or personal property, or any interest therein, wherever situated.

(5) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its property and assets; any such transfers or dispositions may be for nominal or other consideration, by public, or private sale, with or without public bidding, notwithstanding the provisions of any other law.

(6) To purchase, take, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge or otherwise dispose of, and otherwise use and deal in and with, shares or other interests in, or obligations of, other domestic or foreign corporations, associations, partnerships or individuals, direct or indirect obligations of the United States or of any other government, state, territory, governmental district or municipality or of any instrumentality thereof.

(7) To make and enter into all contracts, agreements, and guarantees and incur liabilities, borrow money at those rates of interest that the corporation may determine, issue its notes, bonds, and other obligations, and secure any of its obligations by mortgage or pledge of all or any of its property, franchises, and income, necessary or incidental to the performance of its duties and the execution of its powers under this chapter.

(8) To conduct its business, carry on its operations, and have offices and exercise the powers granted by this chapter.

(9) To elect or appoint officers and agents of the corporation, and define their duties.

(10) To make and alter bylaws, not inconsistent with this chapter.

(11) To make contracts with, and to receive and accept grants from, the state or any political subdivision thereof, including the municipality.

(12) The corporation shall at all times have the power to sell, convey, lease, exchange, transfer, and otherwise dispose of, any or all property previously acquired by the corporation (which is subsequently determined to be unnecessary to the project) whether acquired by the exercise of the right and power of eminent domain or through negotiation and purchase or otherwise.

(13) Upon any conveyance or lease by the corporation of property previously acquired by the corporation, irrespective of whether the property was acquired by the exercise of the right and power of eminent domain, through negotiation and sale or otherwise, neither the person or persons from whom the property was taken, any other former owner or owners nor any other person or persons formerly having any estate or right or interest in the property, shall have any preferred, special or first right to repurchase or lease the property or any other preemptive right with respect to the property.

(14) To enter into joint ventures with third parties for the purpose of owning a hotel or any undivided interest in a hotel, provided that the fair market value of any real or personal property contributed to any joint venture by any third party shall be determined by the following appraisal procedure:

(i) The corporation shall secure an independent appraisal of the fair market value of the contributed property;

(ii) The third party shall secure a second independent appraisal of the fair market value of the contributed property;

(iii) Following receipt of the two (2) independent appraisals, if the corporation and the third party still do not agree on the fair market value of the contributed property, then the two (2) appraisers selected by the parties shall select a third independent appraiser, the cost of which shall be shared equally by the two (2) parties; and

(iv) The determination of fair market value by the third appraiser shall be binding and conclusive of the fair market value; provided, however, the final value established by the third appraisal may not be greater than the amount set forth in the higher of the two (2) prior appraisals, nor may it be below the amount set forth in the lower of the two (2) prior appraisals.

(15) To enter into an agreement with the municipality which shall provide reasonable reimbursement to the municipality for certain public safety services and to hold the municipality harmless for any debt service incurred by the authority in connection with the convention center project.

(16) To have and exercise all powers necessary or convenient to effect its purposes.